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Update: State Budget & Tax Impact on Stamford Hospital

Overview:

The new $40.3 billion budget created by the Governor and recently approved by the legislators expands the tax on Connecticut Hospitals from $269 million to $315 million per year, and cuts Medicaid rates and other funding by $58 million each year. It will have a devastating impact on the health care system to provide programs and services for the community.

To Voice Your Concern:

Impact on Stamford Hospital

Stamford Hospital provides a high level of care to a broad and economically diverse population. This magnifies the impact of the additional cuts and increasing hospital taxes on us. The tax on Stamford Hospital now totals more than $28 million, each year.

Despite implementation of the Affordable Care Act and expansion of Medicaid in Connecticut, Stamford Hospital has not seen the growth in newly insured patients promised by the ACA. Stamford Hospital has significant on-going obligation to care for a growing undocumented immigrant population and uninsured patients, who are ineligible to participate in these support programs. In 2014 Stamford Hospital absorbed $24 million in charity care alone.

Stamford Hospital is an important cornerstone of the regional economy. Through the wages provided to more than 2,400 full-time employees, the goods and services we purchase and other economic activity created by our caring for the community, Stamford Hospital, a cornerstone in our community, has a positive economic impact of more than $1 billion each year.

The current state budget also undermines a long-term, carefully executed fiscal plan created many years ago in order to build and finance a new hospital. The staff and administration at Stamford Hospital is disheartened by the passage of this budget, particularly that every member of the own Stamford legislative delegation voted in favor of this current state budget. There is no question that the additional burdens placed on our hospital will have a significant and negative impact on their constituents and the city’s economy.

If you are interested, below are several resources to further inform you on the State Budget and the impact on Stamford Hospital.